Fortescue acquires a strategic interest in HyTerra
• Fortescue completes the acquisition of a 39.66% interest in HyTerra at A$0.034 per share for a total subscription of A$21.9M
• Funds will be used for executing an expanded exploration drilling campaign at the Nemaha Project, Kansas USA
• Fortes cue and HyTerra have-entered into a Strategic Alliance Agreement to progress the 100% owned and operated Nemaha Project and explore new opportunities globally
• Ms Christine Nicolau from Fortescue joins the Board of HyTerra as a Non-Executive Director
HyTerra Ltd (ASX: HYT) (HyTerraor the Company), is pleased to announce the completion by Fortescue Future Industries Technologies Pty Ltd (Fortescue) of a strategic investment in HyTerra as announced on 29 August 2024.The Company has received the subscription proceeds of A$21.9M and today issued 644,117,647 Shares and 322,058,824 unquoted Options to Fortescue.
The investment will fully-fund the initial exploration phase of the Nemaha Project including continued leasing, geophysical activities and an expanded drilling campaign targeting additional prospects in several identified geological play areas.
Contemporaneously with completion of the investment,the Company and Fortescue have extraterrestrial Alliance Agreement as previously announced on 29 August 2024(SAA).The SAA provides a framework for the partiesto work together through an equal representation steering committee to progress the Nemaha Project and explore the potential for additional white hydrogen projects globally.
No exclusivity rights are granted under the SAA by either party and the steering committee forms an advisory function only.
READ the latest news shaping the hydrogen market at Hydrogen Central
Fortescue acquires a strategic interest in HyTerra, source
